The Energy and Mineral Resources Division is looking to secure an additional $900 million in loans from the International Islamic Trade Finance Corporation to address outstanding payments for crude oil imports in fiscal 2023-24. Similarly, the Bangladesh Oil, Gas, and Mineral Resources Corporation (Petrobangla) has sought a $500 million loan from the same organization to clear overdue payments to LNG suppliers and gas producers. The Bangladesh Petroleum Corporation (BPC) is also seeking an extra $400 million loan from the Islamic Trade Finance Corporation to settle refined petroleum products’ outstanding dues. The proposals will be discussed in a meeting on 23rd July 2023. Petrobangla and BPC’s loan requests come amid challenges in settling bills due to the current economic situation and the dollar crisis affecting the country. The loans aim to support the nation’s gas supply network and ensure uninterrupted energy operations.
Energy Sector Seeks $900M Loans to Settle energy Bills
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